Impact Social

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February 11, 2014

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Consultation on Non-Profit Organizations

Over the past three years, CRA conducted an NPO Risk Identification Project. This project involved audits of a broad range of non-profit organizations (NPOs) to determine their compliance with the existing tax requirements. It was expected that a report on...

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Tax Shelter Exemption for Donations of Cultural Property Removed

The Budget introduces a change that is designed to curb the misuse of the regime for donations of cultural property through abusive tax shelters. Under the Tax Act, special deeming provisions apply to gifted property that was acquired by the...

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Tax Credit Carry-forward Extended for Donations of Ecologically Sensitive Land

The Budget expands upon an existing incentive for gifts of ecologically sensitive land. Under the Tax Act, donors of land that has been certified by the Minister of the Environment as “ecologically sensitive” are already eligible to claim enhanced tax...

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Budget Introduces Significant Change to Treatment of Estate Gifts

The Budget introduces a significant change in the tax treatment of gifts made under a Will or beneficiary designation. Under the current rules, where an individual makes a donation by Will, the donation is treated as having been made by...

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Changes Introduced to Operation of Charitable Lotteries under the Criminal Code

As a further measure designed to increase the efficiency of registered charities, the Budget proposes to revise the provisions of the Criminal Code that impose restrictions on how charities can conduct lottery sales in support of their causes. Under section...

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Response to Report by House of Commons Standing Committee on Finance

The Report by the House of Commons Standing Committee on Finance, which was released in February 2013 reviewed a range of options to encourage charitable giving in Canada and made recommendations related to reducing administrative burdens and improving public awareness....

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Budget Announces Commitment to Explore Social Finance

The Minister of Employment and Social Development established a new Ministerial Advisory Council on Social Innovation in December 2013. The purpose of the Advisory Council is to work with leaders in the not-for-profit and private sectors to explore the potential...

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Investing in Arts, Culture and Sports

The Government committed to continued investment in Arts, Culture and Sports in the Budget. More particularly, the Government committed to renew Arts funding beginning in 2015/2016 which funding shall include $25 million for the Canada Council for the Arts, $30.1...

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Funding for Research

The Budget provides a number of funding envelopes for science and technology research. For example, colleges and polytechnics are given $10 million over two years to support the research needs of local “organizations”. While we have no detail on this...

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Introduction

The 2014 Budget introduces a wide array of changes that will impact the Charitable and Not-for-Profit Sector. These changes fall into several categories. Some are new measures to encourage donations and increase flexibility for donors in planning their charitable giving,...

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